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KOTIC · price
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Awaiting price reaction for this filing.
Kothari Industrial Corporation Ltd (KICL) has acquired a 30% stake (7.80 crore equity shares) in Phoenix Kothari Footwear Limited from its own Promoter, Chairman and Managing Director, Mr. Rafiq Ahmed. The total cash consideration was Rs. 99.06 crores at Rs. 12.7 per share, and the transaction was completed on 29.09.2025 via a Delivery Instruction Slip. As a result, Phoenix Kothari Footwear Limited has become an Associate Company of KICL. The deal is a related party transaction carried out at arm's length, with prior approval from the Audit Committee, Board, and shareholders. The acquisition is described as a strategic move to strengthen KICL's presence in the footwear segment.
The acquisition diversifies KICL into the footwear industry but the target has reported zero turnover since incorporation in December 2022, so immediate earnings impact is unlikely. Being a related party transaction, minority shareholders should monitor the associate's future performance and any subsequent open offer or compliance triggers under SEBI takeover norms.